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Intelligent Ultrasound Group PLC - Cardiff, Wales-based artificial intelligence ultrasound software firm - Expects to report revenue of £5.9 million for the six months that ended June 30, up more than 60% compared to £3.6 million a year before, due to a ‘strong performance in UK simulation sales.’ Says simulation-related revenue from the direct sales team is expected to have risen by more than 80% to £5.1 million from £2.8 million, helped by a high number of one-off orders from a UK National Health Service training initiative in the first quarter.
Chief Executive Officer Stuart Gall says: ‘This has been an excellent start to the year. Our simulation products have performed well in the UK and sales of the new clinical AI product range are starting to grow. We remain confident that we can meet the market expectations of £10 million revenue for [financial] 2022 and build a successful 'Classroom to Clinic' ultrasound business in this exciting sector of the market.’
Cash as at June 30 is expected to be £3.5 million, down 30% from £5.0 million at December 31. Says the group's clinical AI products remain in the early stages of commercialisation. It expects to recognise half-year revenue from these of £300,000, up from £100,000 the year before.
Current stock price: 14.20, down 2.1%
12-month change: down 1.4%
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